6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Alberta Real Estate Fundamentals ACTUAL exam:
QUESTION AND ANSWERS UPDATED 2025
Save
Terms in this set (242)
In common law what does Land and fixed improvements to the land
the term real estate refer
to?
In common law what does Land, fixed improvements to the land and intangible
the term real property rights of ownership
refer to?
Which of the following A movable item that can be removed from the
statements best describes property without causing damage to the property
the term "personal
property"?
Which industries are self Real estate, mortgage brokerages, property
regulated through RECA? management, condominium management
What are the factors of land, labor, capital, entrepreneurship
production?
What is the Canadian Mixed Economy of capitalist & Socialist
economy referred to as?
the amount of a good or service the market can offer
What is quantity supplied?
at a certain price
The amount of good or service that would be bought
Define quantity demanded
at a certain price
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,6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Movements are when a change in quantity is caused
What causes movements
only by a change in price. Shifts occur when there are
and shifts in supply?
changes in influencing factors other than price.
What are the key non Production costs and technology
price determinants of
supply?
What are the key non Market size, consumers disposable income, and
price determinants of consumers tastes/preferences
demand?
The price at which quantity demanded equals quantity
Describe market
supplied. the price at which the market clears and
equilibrium
there is neither a shortage nor surplus
Describe market surplus Quantity supplied exceeds quantity demanded
Describe market shortage When demand exceeds supply
Product price becomes grossly inflated beyond its
Describe a market bubble realistic value primarily due to excessive consumer
confidence
the market value of all final goods and services
produced within a country in a given period of time.
What is GDP?
Includes all consumer, government and business
spending plus exports less imports.
the total value of all finished goods produced by a
country's citizens wether physically located in its
What is GNP? borders or abroad. GNP does not include income
earned within a country's borders by foreign
residents.
Changes in economic Seasonal changes, business cycle, and secular trends
activity are generally
caused by?
What are the stages of a Expansion, prosperity, peak, contraction, recession,
business cycle? trough and recovery
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,6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Who is responsible for the Minister of service Alberta
Real Estate Act in Alberta?
What happens in the Economy grows
expansion phase of a
business cycle?
Correct order of phases in Expansion, prosperity, peak, contraction, recession,
a business cycle trough, recovery
What are the costs of Depleted natural resources, increases inflation,
economic growth? increases environmental impacts
A commercial building has 27.27
4400 square meters of
available office space for
rent. By year end, 1200
square meters remains
vacant. What is the
vacancy rate?
What are the physical Unique, fixed, durable, scarce
characteristics of real
estate?
The demand for office Increase employment in the services and financial
space is primarily the sector
result of which of the
following?
What are the types of real Balanced, buyers, sellers
estate market?
Name of market type Buyers market
where supply exceeds
demand?
What are chattels what Personal property
type of property?
The real estate act is what Provincial
type of legislation
https://quizlet.com/1054170447/alberta-real-estate-fundamentals-actual-exam-question-and-answers-updated-2025-flash-cards/?new 3/79
, 6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Who is responsible for the Minister of Service Alberta
real estate act
Generally speaking, the Standards of practice for licensees, affect day to day
rules can be described business of licensees, and can be established and
as? amended by the industry councils
Administer the act, set and enforce standards of
conduct for the industry and the businesses of
What are the purposes of
licensees, protect against/investigate/detect/suppress
RECA
mortgage fraud, and to protect consumers affected
by the industry
Which of the following 1 and 3
activities require a license
from RECA: 1) a person
soliciting property listings
or property management
contracts from
prospective clients 2) a
non profit organization or
an employee leasing or
renting of subsidized
residential premises 3) a
person collecting and
disseminating borrower
information to lenders for
financing real property 4)
a person who acquires or
has any interest in real
estate, who disposes of
real estate owned by that
person
What is needed to be License and license certificate
authorized to trade in real
estate?
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Alberta Real Estate Fundamentals ACTUAL exam:
QUESTION AND ANSWERS UPDATED 2025
Save
Terms in this set (242)
In common law what does Land and fixed improvements to the land
the term real estate refer
to?
In common law what does Land, fixed improvements to the land and intangible
the term real property rights of ownership
refer to?
Which of the following A movable item that can be removed from the
statements best describes property without causing damage to the property
the term "personal
property"?
Which industries are self Real estate, mortgage brokerages, property
regulated through RECA? management, condominium management
What are the factors of land, labor, capital, entrepreneurship
production?
What is the Canadian Mixed Economy of capitalist & Socialist
economy referred to as?
the amount of a good or service the market can offer
What is quantity supplied?
at a certain price
The amount of good or service that would be bought
Define quantity demanded
at a certain price
https://quizlet.com/1054170447/alberta-real-estate-fundamentals-actual-exam-question-and-answers-updated-2025-flash-cards/?new 1/79
,6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Movements are when a change in quantity is caused
What causes movements
only by a change in price. Shifts occur when there are
and shifts in supply?
changes in influencing factors other than price.
What are the key non Production costs and technology
price determinants of
supply?
What are the key non Market size, consumers disposable income, and
price determinants of consumers tastes/preferences
demand?
The price at which quantity demanded equals quantity
Describe market
supplied. the price at which the market clears and
equilibrium
there is neither a shortage nor surplus
Describe market surplus Quantity supplied exceeds quantity demanded
Describe market shortage When demand exceeds supply
Product price becomes grossly inflated beyond its
Describe a market bubble realistic value primarily due to excessive consumer
confidence
the market value of all final goods and services
produced within a country in a given period of time.
What is GDP?
Includes all consumer, government and business
spending plus exports less imports.
the total value of all finished goods produced by a
country's citizens wether physically located in its
What is GNP? borders or abroad. GNP does not include income
earned within a country's borders by foreign
residents.
Changes in economic Seasonal changes, business cycle, and secular trends
activity are generally
caused by?
What are the stages of a Expansion, prosperity, peak, contraction, recession,
business cycle? trough and recovery
https://quizlet.com/1054170447/alberta-real-estate-fundamentals-actual-exam-question-and-answers-updated-2025-flash-cards/?new 2/79
,6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Who is responsible for the Minister of service Alberta
Real Estate Act in Alberta?
What happens in the Economy grows
expansion phase of a
business cycle?
Correct order of phases in Expansion, prosperity, peak, contraction, recession,
a business cycle trough, recovery
What are the costs of Depleted natural resources, increases inflation,
economic growth? increases environmental impacts
A commercial building has 27.27
4400 square meters of
available office space for
rent. By year end, 1200
square meters remains
vacant. What is the
vacancy rate?
What are the physical Unique, fixed, durable, scarce
characteristics of real
estate?
The demand for office Increase employment in the services and financial
space is primarily the sector
result of which of the
following?
What are the types of real Balanced, buyers, sellers
estate market?
Name of market type Buyers market
where supply exceeds
demand?
What are chattels what Personal property
type of property?
The real estate act is what Provincial
type of legislation
https://quizlet.com/1054170447/alberta-real-estate-fundamentals-actual-exam-question-and-answers-updated-2025-flash-cards/?new 3/79
, 6/14/25, 7:52 AM Alberta Real Estate Fundamentals ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 Flashcards | Quizlet
Who is responsible for the Minister of Service Alberta
real estate act
Generally speaking, the Standards of practice for licensees, affect day to day
rules can be described business of licensees, and can be established and
as? amended by the industry councils
Administer the act, set and enforce standards of
conduct for the industry and the businesses of
What are the purposes of
licensees, protect against/investigate/detect/suppress
RECA
mortgage fraud, and to protect consumers affected
by the industry
Which of the following 1 and 3
activities require a license
from RECA: 1) a person
soliciting property listings
or property management
contracts from
prospective clients 2) a
non profit organization or
an employee leasing or
renting of subsidized
residential premises 3) a
person collecting and
disseminating borrower
information to lenders for
financing real property 4)
a person who acquires or
has any interest in real
estate, who disposes of
real estate owned by that
person
What is needed to be License and license certificate
authorized to trade in real
estate?
https://quizlet.com/1054170447/alberta-real-estate-fundamentals-actual-exam-question-and-answers-updated-2025-flash-cards/?new 4/79
